As with every week, today we discuss and share predictions for the significant developments in the cryptocurrency market for the upcoming week. While Bitcoin‘s price is on the brink of the $39,000 threshold, investors have a busy agenda. What can crypto investors expect between December 4-10?
Significant Developments in Cryptocurrencies
The past week has seen several crucial developments that supported the rise in Bitcoin price. The PCE data was very positive and unemployment claims came in as expected. Developments on the macroeconomic front have led to the gold price reaching all-time highs. Let’s now look at the developments in the coming days.
December 4, Monday
- NEO Mainnet Upgrade
December 5, Tuesday
- 17:45 US Service PMI (Expectation: 50.8, Previous: 50.6)
- 18:00 US JOLTS Job Openings (Previous: 9.553M)
- GAL Unlocking Event ($3.12 Million)
December 6, Wednesday
- 16:15 US ADP Non-Farm Employment Change (Previous: 113K)
December 7, Thursday
- 16:30 US Unemployment Claims (Previous: 218K)
- HFT Unlocking Event ($4.5 Million)
December 8, Friday
- 16:30 US Average Hourly Earnings (Previous: 0.2%)
- 16:30 Non-Farm Employment Change (Previous: 150K)
- 16:30 Unemployment Rate (Previous: 3.9%)
Impact on Cryptocurrencies
The development on Monday concerning NEO Coin in particular could have a positive impact on its price. Such updates can increase investor demand. The JOLTS data on Tuesday will reflect the current state of labor demand in the US. Federal Reserve Chair Powell also emphasized yesterday that there needs to be a weakening in the employment sector. The ADP data coming on Wednesday is a leading indicator for Non-Farm Employment and indicates that the weakening should continue.
Friday is the most critical day on the macro front as employment data will be released. An unemployment rate below expectations could lead to sharp sell-offs in cryptocurrencies. Average hourly earnings, on the other hand, should come in below expectations to influence demand inflation.
- Upcoming week’s crypto developments discussed.
- Significant economic indicators to impact markets.
- Employment data could influence crypto volatility.
